Hong Kong expats pay most expensive rent in the world

Expats in Hong Kong pay the most worldwide in terms of monthly rent for luxurious three bedroom apartments in upscale neighborhoods such as The Peak, Sha Tin, and Discovery Bay, according to the South China Morning Post.Typically, senior staff expats in higher-paying industries such as law and finance often seek three bedroom apartments for themselves and their families, and on average, pay USD$11,444 monthly. This is the 13th time that Hong Kong has ranked first on the Economist Intelligence Unit’s survey of rental prices since the humanresources firm has started its annual survey in 1996.The hot Hong Kong rental market is in stark contrast to other Asian financial mega-centers. In contrast, this year, Tokyo’s monthly rentals are 55% lower than Hong Kong’s, indicative of the overall slowing Japanese real estate market and the simultaneous increase in Hong Kong’s real estate market, partially thanks to Chinese renters and buyers.By Sophia Solivio